With major layoffs looming across Coinbase (COIN), Tesla (TSLA), and Gemini (GMNI), watch now as Macro & Financials analyst Josh Steiner and Hedgeye CEO Keith McCullough analyze the bleak outlook currently facing the labor market effected by #Quad4.
“At this point when the labor market is starting to deteriorate, you would normally have the Federal Reserve coming in dovish,” Steiner notes. “And again, it bears worth repeating, that not only are they not coming in dovish, but this is the start of quantitative tightening and we're going to get at least two 50 basis point hikes back to back here in a couple of weeks. So, there's no real let up here. The labor market is clearly declining.
“The cancelations find the cancelations. You get fired at Gemini, you cancel your new Tesla order. They all own the same thing,” notes McCullough. Everyone who's of the bubble crowd has these concentric circles of bubbles that make up the entirety of the bubble.”
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